The CFTC received more than 1,500 responses to its prediction market rulemaking proposal, with respondents divided on how it should police the platforms. The US Commodity Futures Trading Commission received more than 1,500 responses to a proposed rule tied to prediction markets, with some backing the regulator while others called for a tougher crackdown on the platforms. The CFTC’s request for public comments on a rule it proposed in March that would allow it to amend or issue new regulations for event contracts on prediction markets ended on Thursday, drawing responses from prediction markets, crypto firms and consumer advocacy groups. Kalshi co-founder and chief operating officer Luana Lopes Lara backed the CFTC in a letter on Thursday, saying its existing regulations were “well-designed and effective,” urging it to give guidance to ensure “that the universe of event contracts can continue to be listed, traded, and overseen by the Commission.” Read more
John Palmer, a developer and brand adviser, agreed, said it "feels like a bug" to call them stablecoins and that they should have a self-defined and non-reactionary name. Stablecoins, the name given to cryptocurrencies pegged to the price of a stable asset such as the US dollar or gold, have outgrown their label as they become part of the global financial system, said Robert Hackett, head of special projects at a16z crypto. Hackett said in a report on Friday that the term “stablecoins” was coined in crypto’s early years, when wild volatility defined the space and the tokens were created to maintain stable value and encourage their use for everyday financial activity. “The name was straightforward, if slightly defensive: not a volatile coin, but a stable one. It described the problem it solved perfectly. But the technology has since outgrown the label,” he said. Read more